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Time bombs can be created before the contract and only go off during or after the contract.' Where might yours be lurking? Despite modern tools and models, projects are becoming more complex and so more subject to risk. Increasing use of litigation means that managers must now have a much sharper commercial grasp. This work introduces the concept of Total Risk Management as the key method for reducing risk, and explains the crucial connection between project management (the job) and commercial management (the contract), and the need for running them in tandem. Using it, you will significantly reduce the risk of serious problems arising and where problems do arise, you will greatly reduce the risk of catastrophic results. Project risk management and commercial risk management are too often handled separately - even though they both have the same aim: to complete the project on time, to specification and within budget, with no hidden liabilities (the lurking time bombs). Bringing together these two facets of project management at prime contract stage is already too late. They need to be combined from bid stage on in a Total Risk Management process. less